UPDATE: Deutsche Bank Raises PT on TECO Energy on Q4 Earnings

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on TECO Energy (NYSE: TE), and slightly raised its price target from $16.50 to $17.00.

Deutsche Bank noted, “Lowering estimates but raising PT and reiterating Hold rating. Following Q4 earnings and a disappointing 2013 outlook, we are reducing our TE estimates but raising our price target to account for the company's favorable tax position (we don't expect TE to pay much in the way of cash taxes through 2018). We are reiterating our Hold rating as the stock is now trading very close to fair value, in our view, following yesterday's material underperformance.”